"The BIMSTEC Business Summit aligns with Prime Minister Modi’s vision for women-led development and reflects the objectives of India's G20 Presidency," stated Pabitra Margherita, Minister of State for External Affairs, Government of India, during his keynote address at the inaugural session of the CII BIMSTEC Business Summit 2024 held today in New Delhi. He underscored the summit's emphasis on critical areas such as capacity building, economic cooperation, and enhanced connectivity. Minister Margherita highlighted the significance of addressing shared global and domestic challenges, noting that BIMSTEC countries encompass 25% of the world’s impoverished population. This statistic underscores the urgency of collaborative efforts to achieve rapid and sustainable growth.
During the session, a CII study titled "Industry Partnerships for Deepening Regional Economic Engagement" was unveiled. The study advocates for creating a more favorable business environment among member nations, relaxing FDI restrictions, streamlining the ease of doing business, automating processes, and integrating customs agencies into a cohesive system.
The session was graced by distinguished dignitaries, including Damodar Bhandari, Hon’ble Minister of Industry, Commerce and Supplies, Government of Nepal; Minn Minn, Deputy Minister, Ministry of Commerce, Government of Myanmar; Indra Mani Pandey, Secretary-General, BIMSTEC Secretariat; Sanjiv Puri, President, CII and Chandrajit Banerjee, Director- General, CII.
MoS Shri. Pabitra Margherita stated, "People, ideas and cargo have traversed the lengths and breadths of BIMSTEC countries for centuries. To this effect, we have today 1600 Global Capability Centers which are fast evolving into strategic assets driving innovation, digital transformation, and business value. Learnings from these can be of tremendous advantage to the whole region." further adding, "India is committed to lean on its growth story to fast track means of unlocking opportunities and potentialities for the entire region in these uncertain times."
The summit successfully brings together key stakeholders from the Bay of Bengal region, fostering economic collaboration and exploring pathways to advance trade facilitation, regional connectivity, energy security, inclusive growth, and sustainable development.
About BIMSTEC:
Established in June 1997 as the Bangladesh-India-Sri Lanka-Thailand Economic Cooperation group, BIMSTEC was expanded in 2004 to include Bhutan, Myanmar, and Nepal, evolving into the Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC).
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